Gold News

India imports 715.8 tons of gold in 2007

More than 715 tons of gold were imported by India during 2006-07, according to new figures.

Statistics disclosed by minister of mines Sis Ram Ola in a written reply in the Lok Sabha - Indian parliament's lower house - appear to support the World Gold Council's finding that the country is the biggest consumer of gold in the world.

While the amount of gold imported last year is lower than that seen in 2005 and 2006, demand for gold in the country is still strong, it has been claimed.

"Gold appetite is never satiated in India, where the precious metal is valued the most," Commodity Online said.

Meanwhile, Ashok Minawala, chairman of the All India Gems and Jewelry Trade Federation, recently told the Business Standard that gold buying based on everyday need is continuing at a solid pace.

This may be good news for those undertaking gold investing activities - strong demand for the yellow metal has been one of the primary factors helping to push gold prices to record highs in recent weeks.

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